Statutory and Management Consolidation, Budgeting, Forecasting and Reporting
”Tagetik’s unified approach to CPM has helped us comply with the new international standards – and accelerate our consolidation cycle in the process!”
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Mediaset chose Tagetik because it wanted to unify the processes for statutory and management consolidation, budgeting, forecasting and reporting in a single, sophisticated solution. As Mediaset needed to comply with new international accounting standards, it didn’t just change its consolidation process - it decided to revamp its information systems as a whole. That’s when Italy’s leading commercial television network launched a project to unify financial data in a single database, expedite the closing cycle, and reduce overall maintenance time and costs.
Mediaset also expected the new system to standardize the overall data quality across all business units- ranging from digital and pay-per-view television, to multimedia content and advertising - and group companies including its Spanish subsidiary TeleCinco which is separately listed on Madrid stock exchange.
In order to meet these project objectives, Mediaset required a single solution which would:
- Comply with the new international standards
- Standardize reporting and analysis across all business units and companies
- Ease monitoring and control tasks through perfect traceability
- Improve data quality through a single, centralized database
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